HERNDON, Va., Feb. 18, 2020 – Nacha understands that you don’t have to look far to find proof that many Americans aren’t saving enough. It’s why Nacha supports America Saves Week, which this year is Feb. 24-29, and encourages employees to enroll in Split Deposit to #SplitToSave — a helpful tool to automatically grow savings.
“One of the many advantages of Split Deposit is how easy it is. It puts saving on autopilot,” said Jane Larimer, Nacha President and CEO. “Everyone needs to have a nest egg, and Split Deposit helps make it happen. Even just a few dollars at a time adds up.”
America Saves Week annually features daily themes to encourage different – yet equally effective – ways to save. This year, Nacha is focused on Monday, Feb. 24, which highlights how saving automatically can be easily done through Split Deposit.
Split Deposit is just as it sounds: each payday, you automatically split your Direct Deposit between two or more accounts. For example, you can choose either a dollar amount or percentage of your pay to go into a savings or retirement account, with the rest sent to checking. Even automatically saving just $10 or 1% of your salary adds up over time.
“America Saves Week promotes the importance and effectiveness of saving automatically, and Split Deposit is an efficient way to save for a secure financial future,” said George Barany, Director of America Saves, a national campaign managed by the nonprofit Consumer Federation of America.
Nacha is a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies. Through the development of rules, standards, governance, education, advocacy, and in support of innovation, Nacha’s efforts benefit all stakeholders. Nacha is the steward of the ACH Network, a payment system that universally connects all U.S. bank accounts and facilitates the movement of money and information. In 2019, 24.7 billion payments and nearly $55.8 trillion in value moved across the ACH Network. Nacha also leads groups focused on API standardization and B2B payment enablement. Visit nacha.org for more information, and connect with us on LinkedIn, Twitter, Facebook and YouTube.
About America Saves
America Saves is a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org
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